Frederic Place, a two-story building with each floor spanning 4,546 square feet, was built in 1951. The two-story East Valencia complex spans 3,888 square feet per floor and was built in 1928.

“Both properties had been under the same ownership for approximately a decade, so they were primed for a repositioning effort,” Raymundo said in a statement. “We were able to quickly source the ideal buyer to tackle this particular project, and it simultaneously satisfied their 1031 Exchange.”